Announced proposed acquisition of Stillwater by Sibanye Gold Limited ("Sibanye") for USD$18 per share in cash

PGM mined sales of 134,500 ounces, an increase of 11.8% from 120,300 ounces sold during the fourth quarter of 2015

Costs of metals sold of $525 per PGM mined ounce, down 1.7% from $534 per PGM mined ounce for the fourth quarter of 2015

PGM mined production of 132,100 ounces, compared to 132,400 PGM mined ounces during the fourth quarter of 2015; fourth quarter 2016 planned mined production was reduced by approximately 3,000 ounces due to weather-related road closures

All-in sustaining costs (AISC)* of $661 per PGM mined ounce produced, up 7.8% from $613 per PGM mined ounce for the fourth quarter of 2015

AISC for the fourth quarter of 2016 includes $15 per PGM mined ounce spend on productivity enhancement projects

Processed 169,200 ounces of recycled palladium, platinum and rhodium, an increase of 30.4% over 129,800 ounces recycled during the fourth quarter of 2015

Cash and cash equivalents plus highly liquid investments of $450.1 million at quarter end

Consolidated net income attributable to common stockholders of $6.0 million, equivalent to net income of $0.05 per diluted share

Full-Year 2016 Highlights:

Achieved all 2016 guidance metrics

Achieved a record safety performance for the second consecutive year, with a reportable incidence rate improvement of 14.2% compared to 2015

PGM mined sales of 549,200 ounces, an increase of 8.3% from 507,300 ounces sold during 2015

Costs of metals sold of $509 per PGM mined ounce, down 12.1% from $579 per PGM mined ounce for 2015

PGM mined production of 545,300 ounces, a 4.7% increase from 520,800 PGM mined ounces during 2015

AISC of $622 per PGM mined ounce produced, an improvement of 12.3% from $709 per PGM mined ounce for 2015

Processed a Company record 668,300 ounces of recycled palladium, platinum and rhodium, an increase of 21.3% over 551,100 ounces recycled during 2015

Consolidated net income attributable to common stockholders of $9.5 million, equivalent to net income of $0.08 per diluted share

Proposed Transaction with Sibanye:

On December 9, 2016, the Company entered into an agreement with Sibanye, under which Sibanye will acquire the Company for $18.00 per share in cash, representing an aggregate enterprise value of $2.2 billion. The $18.00 per share transaction price represents a 61% premium to Stillwater's volume-weighted average share price over the 52 weeks prior to the announcement of the transaction, a 25% premium to its volume-weighted share price over the 30 trading days prior to the announcement and a 23% premium to its closing share price on December 8, 2016.

The closing of the merger is subject to certain conditions including shareholder and regulatory approvals. Additional details regarding the proposed transaction are available in the preliminary proxy statement that was filed with the United States Securities and Exchange Commission on January 24, 2017. Pending the receipt of all required approvals or waivers, the Company currently anticipates the completion of the merger during the second quarter of 2017.

Commenting on the fourth quarter and full-year 2016 results, Mick McMullen, the Company’s President and Chief Executive Officer stated, “We are proud to announce today that Stillwater has again achieved all annual guidance targets. These achievements during 2016 are significant as they have been accomplished in conjunction with another record safety performance and simultaneous progress on the Blitz project throughout the year. The Company improved on its previous safety record, achieved just last year, with a 14.2% safety incidence rate improvement for 2016. In addition, the Company achieved a recycling record, processing 668,300 ounces of palladium, platinum and rhodium during 2016.

“We continue our focus on Blitz, our primary growth project. The progress on the two critical path items to first production, the 56 East development heading and the 53 East decline continues ahead of plan. In addition, the Benbow access portal, on the east end of the Blitz project advanced over 240 feet during the fourth quarter of 2016 and continues to accelerate its development rates.

"AISC increased in the fourth quarter as spending on productivity improvement projects continued and we expect to see the benefits of this spend in the coming quarters. In addition, severe winter weather resulted in road closures that prevented access to the mines for several shifts during December and resulted in the loss of approximately 3,000 ounces of production. Despite this, the Company met its guidance for the year."

Mr. McMullen concluded, “I would like to thank our team for the continuous focus on improvement in all areas of the business. These efforts have resulted in another strong quarter and year in which our stated goals were achieved.”

Fourth Quarter and Full-Year 2016 Results:

For the fourth quarter of 2016, the Company reported consolidated net income attributable to common stockholders of $6.0 million, equivalent to net income of $0.05 per diluted share. For the fourth quarter of 2015, the Company reported consolidated net income attributable to common stockholders of $4.4 million, equivalent to net income of $0.04 per diluted share. The increase in net income for the fourth quarter of 2016 was impacted by the rise in the number of mined PGM ounces sold and the higher sales price per PGM mined ounce realized compared to the fourth quarter of 2015. Underlying earnings* attributable to common stockholders for the fourth quarter of 2016 were $7.1 million (after tax), which excluded transactional costs associated with the proposed acquisition of the Company by Sibanye.

For the full-year 2016, the Company reported consolidated net income attributable to common stockholders of $9.5 million, equivalent to net income of $0.08 per diluted share. In 2015, the Company reported a consolidated net loss attributable to common shareholders of $11.9 million, equivalent to a loss of $0.10 per share. The increase in net income reflects the larger number of mined PGM ounces sold and the decrease in average sales price per mined PGM ounce during 2016. Underlying earnings* for 2016 were $10.6 million (after-tax) adjusted for transactional costs associated with the proposed acquisition of the Company by Sibanye, compared to underlying earnings of $26.1 million (after-tax) for 2015, adjusted for an impairment charge, loss on repurchase of a portion of the convertible debentures and reorganization charges.

PGM Mine Production Comparison:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(Produced ounces)

2016

2015

2016

2015

Palladium

60,600

63,400

250,500

246,400

Platinum

18,400

18,900

76,500

73,400

Stillwater Mine Total

79,000

82,300

327,000

319,800

Palladium

41,200

39,000

169,700

156,500

Platinum

11,900

11,100

48,600

44,500

East Boulder Mine Total

53,100

50,100

218,300

201,000

Palladium

101,800

102,400

420,200

402,900

Platinum

30,300

30,000

125,100

117,900

Total

132,100

132,400

545,300

520,800

Mine Production segment revenues (including proceeds from the sale of by-products) totaled $105.9 million in the fourth quarter of 2016, an increase from $84.7 million for the fourth quarter of 2015. The combined average realized price for the sales of mined palladium and platinum increased for the fourth quarter of 2016 to $741 per ounce, compared to $667 per ounce realized in the fourth quarter of 2015. The total quantity of mined palladium and platinum sold in the fourth quarter of 2016 was 134,500 ounces compared to 120,300 ounces sold in the fourth quarter of 2015.

For the full-year 2016, the Company reported Mine Production segment revenues (including the proceeds for the sale of by-products) of $405.1 million, down from $415.8 million in 2015. The combined average realized price for the sales of mined palladium and platinum was $694 for 2016, a decrease from $774 per ounce realized in 2015. The total quantity of mined palladium and platinum sold in 2016 was 549,200 ounces compared to 507,300 sold during 2015.

Total costs of metals sold from PGM mined production increased to $70.7 million in the fourth quarter of 2016 from $64.3 million in the fourth quarter of 2015. For the full-year 2016 Mine Production costs of metals sold decreased to $279.3 million from $294.0 million in 2015.

Recycling Activity Comparison:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

Average tons of catalyst fed per day

24.3

17.9

24.7

20.9

Tons processed

2,239

1,651

8,999

7,638

Tons tolled

430

503

2,671

2,923

Tons purchased

1,809

1,148

6,328

4,715

PGM ounces fed

169,200

129,800

668,300

551,100

PGM ounces sold

134,900

108,700

401,100

340,200

PGM tolled ounces returned

31,800

54,700

228,300

205,000

Total recycled PGM ounces fed to the smelter during the fourth quarter of 2016 were up 30.4% from the prior year quarter to 169,200 ounces. For the full-year 2016, the Company processed a record 668,300 recycled PGM ounces, an increase of 21.3% from 2015.

PGM Recycling segment revenues totaled $109.4 million for the 2016 fourth quarter, an increase from $87.2 million in the same period of 2015. The Company's combined average realized price for sales of recycled palladium, platinum and rhodium increased to $792 per ounce in the fourth quarter of 2016 compared to $782 per ounce in the fourth quarter of 2015. Recycling sales volumes for the fourth quarter of 2016 increased to 134,900 ounces from 108,700 ounces sold in the fourth quarter of 2015. In conjunction, tolled ounces returned to customers decreased to 31,800 ounces for the fourth quarter of 2016 from 54,700 ounces in the fourth quarter of 2015.

PGM Recycling segment revenues totaled $305.9 million for full-year 2016, compared to $310.2 million in 2015. For 2016, the Company’s combined average realized sales price for recycled palladium, platinum and rhodium was $736 per ounce, down from $886 per ounce for 2015. Recycling sales volumes for 2016 totaled 401,100 ounces, an increase from 340,200 ounces sold for 2015. For 2016, tolled ounces returned totalled 228,300, an increase from 205,000 returned in 2015.

PGM Recycling segment costs of metals sold totaled $106.1 million in the fourth quarter of 2016, an increase from $84.6 million in the fourth quarter of 2015. For the full-year 2016, PGM Recycling segment costs of metals sold decreased to $294.9 million from $300.7 million for 2015. A majority of the costs of metals sold from recycling in each period is attributable to the acquisition cost of purchasing recyclable materials for the Company's own account; therefore, the aggregate costs of metals sold from the PGM Recycling segment is driven by the volume and the value of the PGMs in the materials purchased by the Company.

General and administrative costs were $9.4 million in the fourth quarter of 2016, compared to $6.4 million incurred during the same period of 2015. Contributing to the increase in the fourth quarter of 2016 was the $1.7 million of transactional costs associated with the potential acquisition of the Company by Sibanye. For the full-year 2016, general and administrative costs were $34.7 million compared to $34.0 million in 2015.

Costs of Metals Sold Per PGM Mined Ounce:

Costs of metals sold per PGM mined ounce totaled $525 for the fourth quarter of 2016, a decrease from $534 recorded for the fourth quarter of 2015. For the full-year 2016, costs of metals sold per PGM mined ounce totaled $509, a decrease from $579 for 2015.

All-In Sustaining Costs Per PGM Mined Ounce Produced:

AISC per PGM mined ounce produced totaled $661 for the fourth quarter of 2016, an increase from $613 recorded for the same period of 2015. AISC per PGM mined ounce produced during the full-year 2016 was $622, a decrease from $709 for 2015.

Corporate general and administrative costs (before depreciation, depletion and amortization)

60

44

58

61

Capital outlay to sustain production at the Montana operating mines

118

98

103

134

All-In Sustaining Costs per PGM mined ounce *

$

661

$

613

$

622

$

709

Cash Costs Per PGM Mined Ounce:

Total combined cash costs per PGM mined ounce (net of by-product and recycling credits)* totaled $454 per ounce for the fourth quarter of 2016, an increase over the $450 per ounce for the fourth quarter of 2015. For the full-year 2016, total combined cash costs per PGM mined ounce (net of by-product and recycling credits)* totaled $438 compared to $495 for 2015.

The table below illustrates the effect of applying the by-product and PGM Recycling segment credits to the total cash costs per PGM mined ounce for the Montana mining operations.

*Indicates non-GAAP financial measures. For a full description and reconciliation of these and other non-GAAP financial measures to GAAP financial measures, see Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures and Reconciliation of Total Cash Costs Guidance and AISC Guidance below.

Cash Flow and Liquidity:

At December 31, 2016, the Company’s cash and cash equivalents balance was $123.2 million, compared to $147.3 million at December 31, 2015. The Company’s cash and cash equivalents plus highly liquid investments totaled $450.1 million at December 31, 2016 compared to $463.8 million at December 31, 2015. The cash and cash equivalents plus highly liquid investments for both 2016 and 2015 includes $18.5 million of investments which have been reserved as collateral on letters of credit. Net working capital increased to $527.0 million at December 31, 2016, compared to $523.0 million at December 31, 2015.

Net cash provided by operating activities (which includes changes in working capital) totaled $78.3 million for the year ended December 31, 2016, compared to $110.4 million for the same period in 2015. Cash capital expenditures were $88.7 million for the year ended December 31, 2016, compared to $107.4 million in the same period in 2015.

Outstanding total balance sheet debt reported at December 31, 2016 was approximately $274.8 million, an increase from $255.8 million at December 31, 2015. The Company’s debt balance at December 31, 2016 included approximately $274.3 million of 1.75% convertible debentures (net of unamortized discount of approximately $57.9 million and $2.9 million of deferred debt issuance costs) and $0.5 million of 1.875% convertible debentures. The change in debt balance is a result of the accretion of the discount on the Company's outstanding 1.75% convertible debentures.

Stillwater Mining Company will conduct a conference call to discuss fourth quarter and full-year 2016 results at 12:00 noon Eastern Standard Time on Thursday, February 16, 2017.

Dial-In Numbers:

United States:

(877) 407-8037

International:

(201) 689-8037

A simultaneous webcast of the conference call and related presentation materials will be accessible in the Investor Relations section of the Company's website at: www.stillwatermining.com.

A telephone replay of the call will be available for one week following the event. The replay dial-in numbers are (877) 660-6853 (U.S.) and (201) 612-7415 (International), access code 13649180. The call transcript will be archived in the Investor Relations section of the Company's website.

About Stillwater Mining Company

Stillwater Mining Company is the only U.S. miner of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. PGMs are rare precious metals used in a wide variety of applications, including automobile catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine and coinage. The Company is engaged in the development, extraction and processing of PGMs from a geological formation in south-central Montana recognized as the J-M Reef. The J-M Reef is the only known significant source of PGMs in the U.S. and the highest-grade PGM resource known in the world. The Company also recycles PGMs from spent catalytic converters and other industrial sources. The Company owns the Marathon PGM-copper deposit in Ontario, Canada, and the Altar porphyry copper-gold deposit located in the San Juan province of Argentina. The Company’s shares are traded on the New York Stock Exchange under the symbol "SWC". Information about the Company can be found at its website: www.stillwatermining.com.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

﻿This press release does not constitute the solicitation of any vote, proxy or approval. The Company has filed with the SEC a preliminary proxy statement and plans to file with the SEC and mail to its shareholders a definitive proxy statement in connection with the proposed transaction with Sibanye. The preliminary proxy statement contains, and other relevant documents, including the definitive proxy statement, will contain, important information about the proposed transaction and related matters. STILLWATER AND SIBANYE SHAREHOLDERS ARE ADVISED TO READ THE PRELIMINARY PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The preliminary proxy statement and other relevant documents, including the definitive proxy statement, may also be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. Stillwater shareholders may obtain free copies of the definitive proxy statement by contacting Stillwater’s Investor Relations department at (720) 502-7671 or via e-mail at investor-relations@stillwatermining.com.

PARTICIPANTS IN THE SOLICITATION

Stillwater, Sibanye and their respective directors and officers may be deemed participants in the solicitation of proxies of Stillwater’s shareholders in connection with the proposed transaction. Stillwater’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the officers of Stillwater in Stillwater’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which will be filed with the SEC today, and regarding the directors of Stillwater in Stillwater’s proxy statement filed with the SEC on March 23, 2016, for its 2016 Annual Meeting of Shareholders. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the definitive proxy statement that Stillwater intends to file with the SEC.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "target," "will," "forecast," "expect," "potential," "intend," "estimate," "anticipate," "can" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Statements related to expected timing of the transaction with Sibanye (including completion), pricing expectations, levels of output, supply and demand, information related to the Blitz Project and estimations or expectations of enterprise value, EBITDA and net asset values, are forward-looking statements. The forward-looking statements contained in this press release involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Stillwater, that could cause Stillwater's actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, without limitation: Sibanye's or Stillwater's ability to complete the proposed transaction; the inability to complete the proposed transaction due failure to obtain approval of the shareholders of Sibanye or Stillwater or other conditions in the Merger Agreement; and changes in the market price of gold, platinum group metals ("PGMs") and/or uranium. These forward-looking statements speak only as of the date of this press release.

(1) Sub-grade tons milled includes reef waste material only. Reef waste material is PGM-bearing mined material below the cutoff grade for proven and probable reserves but with sufficient economic value to justify processing it through the concentrator along with the mined ore. Total tons milled includes ore tons and sub-grade tons only. See “Proven and Probable Ore Reserves – Discussion” in the Company’s 2015 Annual Report on Form 10-K for further information.

(2) Total cash costs include total operating costs plus royalties, insurance and taxes other than income taxes. Total cash costs per PGM mined ounce, net of credits is a non-GAAP financial measure that management uses to monitor and evaluate the efficiency of its mining operations. This measure of cost is not defined under U.S. Generally Accepted Accounting Principles (GAAP). Please see Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures and the accompanying discussion for additional detail.

The Company utilizes certain non-GAAP financial measures as indicators in assessing the performance of its mining and processing operations during any period. Because of the processing time required to complete the extraction of finished PGM products, there are typically lags of one to three months between ore production and sale of the finished product. Costs of metals sold - Mine Production, the Company's most directly comparable GAAP financial measure, in any period includes some portion of material mined and processed from prior periods as the process is completed. Consequently, while costs of metals sold - Mine Production (a GAAP measure included in the Company’s Consolidated Statements of Comprehensive Income (Loss)) appropriately reflects the expense associated with the materials sold in any period, the Company has developed certain non-GAAP financial measures to assess the costs associated with its producing and processing activities in a particular period and to compare those costs between periods.

While the Company believes that these non-GAAP financial measures may also be of value to outside readers, both as general indicators of the Company’s mining efficiency from period to period and as insight into how the Company internally measures its operating performance, these non-GAAP financial measures are not standardized across the mining industry and in most cases will not be directly comparable to similar measures that may be provided by other companies. These non-GAAP financial measures are only useful as indicators of relative operational performance in any period, and because they do not take into account the inventory timing differences that are included in costs of metals sold - Mine Production, they cannot meaningfully be used to develop measures of earnings or profitability. A reconciliation of these measures to costs of metals sold - Mine Production, the most directly comparable GAAP financial measure, for each period shown is provided as part of the following tables, and a description of each non-GAAP financial measure is provided below.

Costs of Metals Sold - Mine Production: For the Company as a whole, this measure is equal to total costs of metals sold - Mine Production, as reported in the Company's Consolidated Statements of Comprehensive Income (Loss). For the Stillwater Mine and the East Boulder Mine, the Company segregates the expenses within total costs of metals sold - Mine Production that are directly associated with each of these activities and then allocates the remaining facility costs included in total cost of revenues in proportion to the monthly volumes from each activity. The resulting total costs of metals sold - Mine Production measures for the Stillwater Mine, and the East Boulder Mine are equal, in the aggregate, to total consolidated costs of metals sold - Mine Production as reported in the Company’s Consolidated Statements of Comprehensive Income (Loss).

When divided by the total PGM mined ounces sold in the respective period, Costs of metals sold - Mine Production, measured for each mine or combined, provides an indication of the level of combined cash costs incurred per PGM mined ounce sold in that period. Consequently, Total Combined Cash Costs per PGM mined ounce sold (Non-GAAP) is a general measure of operating efficiency, and is affected both by the level of Total Combined Cash Costs (Non-GAAP) and by the total of PGM mined ounces sold.

Total Combined Cash Costs (Non-GAAP): This non-GAAP financial measure is calculated as total costs of metals sold - Mine Production adjusted for the change in mined inventories to calculate Total Combined Cash Costs before by-product and recycling income credits, (Non-GAAP). From this calculation, the Company deducts by-product and recycling income credits to arrive at Total Combined Cash Costs, net of by-product and recycling income credits. Total Combined Cash Costs is a measure of extraction efficiency. The Company uses this measure as a comparative indication of the cash costs related to production and processing in its mining operations in any period. When divided by PGM ounces produced in the respective period, Total Combined Cash Costs, net of by-products and recycling income credits (Non-GAAP), measured for each mine or combined, provides an indication of the level of combined cash costs incurred per PGM ounce produced in that period.

When divided by the total ore tons milled in the respective period, Total Combined Cash Costs per PGM mined ounce, net of by-product and recycling income credits (Non-GAAP), measured for each mine or combined, provides an indication of the level of combined cash costs incurred per ton milled in that period. Because of variability of ore grade in the Company’s mining operations, production efficiency underground is frequently measured against ore tons produced rather than contained PGM ounces. Because ore tons are first weighed as they are fed into the mill, mill feed is the first point at which production tons are measured precisely. Consequently, Total Combined Cash Costs per Ore Ton Milled (Non-GAAP) is a general measure of production efficiency, and is affected both by the level of Total Combined Cash Costs (Non-GAAP) and by the volume of tons produced and fed to the mill.

All-In Sustaining Costs (Non-GAAP): This non-GAAP financial measure is used as an indicator from period to period of the level of total cash required by the Company to maintain and operate the existing mines, including corporate administrative costs and replacement capital. The measure is calculated beginning with Costs of metal sold - Mine Production, the Company's most directly comparable GAAP financial measure and adding to it the change in mined inventories, and adjusting for the by-product and recycling income credits, domestic corporate general and administrative costs (excluding any depreciation, one-time event charges and general and administrative costs of foreign subsidiaries) and that portion of total capital expenditures associated with sustaining the current level of mining operations. Capital expenditures, however, for Blitz and certain other one-time projects are not included in the calculation.

When divided by the total recoverable PGM mined ounces produced in the respective period, All-In Sustaining Costs per PGM Mined Ounce Produced (Non-GAAP) provides an indication of the level of total cash required to maintain and operate the mines per PGM ounce produced in the period. Recoverable PGM ounces from production are an indication of the amount of PGM product extracted through mining in any period. Because the objective of PGM mining activity is to extract PGM material, the all-in cash costs per PGM mined ounce to produce PGM material, administer the business and sustain the operating capacity of the mines is a useful measure for comparing overall extraction efficiency between periods. This measure is affected by the total level of spending in the period and by the grade and volume of mined ore produced.

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(In thousands, except $/oz.)

2016

2015

2016

2015

All-In Sustaining Costs

Costs of metals sold - Mine Production

$

70,662

$

64,280

$

279,274

$

293,955

Change in mined inventories (palladium and platinum)

(579

)

2,516

(4,147

)

(2,743

)

Total combined cash costs, before by-product and recycling credits (Non-GAAP)

Underlying Earnings (Loss) (Non-GAAP): This non-GAAP financial measure is considered by the Company to be reflective of the actual income / loss position. This non-GAAP financial measure provides to investors and analysts the ability to understand the results of the continuing operations of the Company relating to the production, processing and sale of PGMs, by excluding certain items that have a disproportionate impact on the results for the reported periods. The measure is calculated beginning with Net income (loss) attributable to common stockholders and adding back impairment charges, one-time event charges and charges infrequent to the Company's continuing operations and the income tax effect of such adjustments. Net loss attributable to noncontrolling interest has been adjusted for the noncontrolling interest's ownership percentage of any applicable impairment charges to which the noncontrolling interest has an ownership. The Company's determination of the components of Underlying earnings(loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

Net income (loss) attributable to common stockholders is reconciled to Adjusted net income (loss) attributable to common stockholders and Underlying earnings (loss) as follows:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(In thousands)

2016

2015

2016

2015

Net income (loss) attributable to common stockholders

$

6,021

$

4,424

$

9,473

$

(11,928

)

Impairment of property, plant and equipment and non-producing mineral properties

—

—

—

46,772

Income tax effect of adjustment

—

—

—

(997

)

Reorganization, net of tax

—

—

—

1,078

Loss on extinguishment of debt, net of tax

—

—

—

2,606

Transactional costs associated with the pending acquisition by Sibanye, net of tax

1,100

—

1,100

—

Adjusted net income (loss) attributable to common stockholders (Non-GAAP)